On Friday, September WTI crude oil closed unchanged, while September RBOB gasoline rose by 0.086 (+0.41%). Crude prices settled mixed amid uncertainties regarding a US peace plan for the Russian-Ukraine war, compounded by a weaker dollar and a stock market rally.
Crude oil initially fell to two-month lows after reports that the US and Russia might reach a deal to end the war; this could potentially lift sanctions on Russian energy exports and increase global oil supplies. OPEC+ endorsed a production increase of 547,000 barrels per day (bpd) starting September 1, aiming to reverse a two-year production cut, with a total increase of 2.2 million bpd expected by September 2026.
Data from the EIA indicated that US crude oil inventories decreased by 6.5% from the seasonal five-year average as of August 1, while US crude production fell to 13.284 million bpd, just below the record high. Baker Hughes reported a slight increase in active US oil rigs, which rose to 411 rigs, still above a recent low.
